ICP Biotechnology said today it doubled income and halved its net loss in the half year to December.
The protein biologics manufacturer said income increased 165 per cent to $4.7 million and the loss halved to $3.2m.
Chairman Roger Gower said the loss was in line with budget.
He was sticking to a forecast that a surplus would be achieved in the last quarter of the year.
Overhead costs were reduced by approximately 20 per cent while liabilities were approximately halved to $15.6m from the start of the period.
Equity improved to a $5.1m credit from an $8.7m deficit.
However, cashflow deteriorated to negative $8.85m from negative $5.95m a year earlier. That was despite $7.4m raised from the issue of new shares.
The operating loss fell to $2.0m from $5.1m.
"The current result is mainly because of the successful restructuring of the company's balance sheet, and efforts to revive the veterinary products business following the board's decision last year not to sell," Mr Gower said.
"Simultaneously, the company has driven its new plasma proteins business, creating increased global customer awareness through its continued sampling activity."
He said sales to pharmaceutical companies from that activity were expected in the second half via its distribution agreement with VWR in the United States.
Mr Gower said recently these products had also been made available to the US life science research community which had resulted in a flow of new orders.
"Order sizes are steadily increasing and creating regular shipments."
ICP shares have fallen from 7.25 cents a year ago to 3.5 cents.
- NZPA
